New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-05-26
To express itself upon this greatest of on
nul,lrc buildings.
sJIYER YIELD AND PRICES

Mr.. Mannng's bank proposes to make market
here for silver with intent TO control in this
country the price Of bullion throughout the world
The attempt will appeal to the interests of mine
owners, 10 the patriotic sympathy OF Americans,
and to the support of all who understand how the
fall in the price of silver affects prices Of Ameri-
eau farm products, but do not understand how
largely the fall in silver bullion is made necessary
by conditions of trade with India by the diminish
ing use OF silver as money In modern commerce.
and by the relative increase in production Of that
metal.
The course of prices here corresponds in general
way with these changes in production, though
influenced by many other causes. According to
the report of the Director of the Mint of which an
abstract was teegraphed from Washington Last
week. the production of gold and silver during the
year 1886 was not in accordance with the state
ment made early in January by Mr.. Valentine, Of
Wells, Fargo & Co., who computed the yield at
s2q ,561 ,424 gold and s59,186,851 silver. from
States west OF the Missouri River The mint
account for the previous year allowed S42l 900
gold and $4,000 silver for the production of States
east OF the Missouri River so that Mr. Valentines
report would imply total yield of$29, 1882 900 gold
and s52, 144 900 silver But the mint report now
makes the yield s35 900 900 gold and s51 ,000 900
silver an estimate which cannot be recOnciled with
that Of Wells, Fargo & Co., and though much later,
is not necessarily Of more value.
IL is a pity that the costly official reports in
regard TO q product so important should be rem
dered almost vaueleSs, first by four months of
delay and then by discrepancies which cannot he
reconciled with other statements commanding the
confidence of the trade. Mr. Kmbal, the present
director, began by arbitrarily doductng
$50 900 900 from his predecessors estimate OF the
stock of gold in the country, a change which,
though In part reasonable was strongly criticised
by competent persons unsupported In amount
and probably excessive. lie now recognizes the
fact that accounts have not hitherto been kept Of
shipments over the Mexican border, and states
that measures bavo been taken TO remedy that
defect in future. But whether we adopt tho mint
statement or that OF Mr.. Valentine the fact re-
mains that the increase in production of silver
In this country has been very large since 1872
over $50 per cont, whilo the production Of gold
during the same period has declined over 90 per
cent.
Turning to the price of silver bullion. it ap-
peaIs that tho average during the present month
las been about Sd per lower than the average
for February, but moro than Id higher than the
average in August Of last year, the lowest monthly
average yet recorded. In that month the daily
quotations in London averaged only 42.37d per o.,
and this month thus far the average has been
1850. In 1885 tho average Of daily quotations
was 1850; in 1884 it was 50.6S and about the
Same in 1883 in 1882 it was 51.62, and about the
same In 1881, little higher in 1880 and shade
lower in 1879 $3.50 in 1873, and 54.65 in 1877.
During tho five years ending with 1877 there had
been a decline then considered exceptional and
extraordinary from the average price OF $685. 4d
per OF. in 1872, but an advance in 1877 Of 1l2d.
linus il appears that the downward tendency of
silver bullion has continued without important
interruption for fifteen years. 1t began when
tho United States producing, according to
Mr.. Valentines report. S3S,177 1895 gold and
Si9,924,420 silver IL was temporarily arrested
by an advance in the price Of silver bullion In
1877, when the production Of gold rose TO It's
maximum, s44,650,223, against sl5, S46.lOV
silver IL has since rapidly declined, IL the pro-
duction Of gold has declined in this country
nearly onethrd according 10 Mr.. Valentines
report and there many reasons for beiioying
that statement more accurate. with respect to the
Weld Of gold, than the account OF the mint.
Meanwhile the production of silver according to
all accounts, has materially increased. while lis
llso both ia the arts and az money has diminished
If NJ Mannings bank any speculative exchange
has power to arrest this long continued tendency
OF prices many people will be rcJoiced.